Federal tax revenues, federal spending and the federal deficit were all higher in the first quarter of fiscal 2024 than they were in the first quarter of fiscal 2023, according to the Monthly Treasury Statement released on Thursday.
In the first quarter of fiscal 2023 (October-December 2022), the federal government collected $1,025,553,000,000 in total taxes, spent $1,446,963,000,000 and ran a deficit of $421,410,000,000.
When those numbers are adjusted for inflation into December 2023 dollars (using the Bureau of Labor Statistics inflation calculator), they equal $1,059,930,800,000 in total taxes; $1,495,466,980,000 in spending; and a deficit of $435,536,180,000.
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In the first quarter of fiscal 2024 (October-December 2023), total tax revenues were $1,107,574,000,000—or $47,643,200,000 more than the inflation-adjusted tax collections in the first quarter of fiscal 2023.
Federal spending in the first quarter of fiscal 2024 equaled $1,617,515,000,000—or $122,048,020,000 more than the inflation-adjusted spending in the first quarter of fiscal 2023.
The federal deficit was $509,941,000,000 in the first quarter of fiscal 2024—or $74,404,820,000 more than the inflation-adjusted deficit in the first quarter of fiscal 2023.
The Department of Health and Human Services led all federal agencies by spending $376.986 billion in the first quarter of fiscal 2024, according to Table 3 in the Monthly Treasury Statement.
The Social Security Administration spent $366.335. Gross interest on Treasury Debt Securities was $288.011 billion; and spending on Defense and Military Programs was $226.783 billion.
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The largest source of federal revenue in the first quarter of fiscal 2024 was individual income taxes, which equaled $525.009 billion. Social insurance and retirement taxes equaled $377.189 billion; and corporation income taxes were $149.934 billion.
Federal tax revenues in the first quarter of the fiscal year hit their all-time peak in fiscal 2022, when they were $1,157,301,010,000 in December 2023 dollars. Federal spending in the first quarter of the fiscal year hit its peak in the fiscal 2021, when it was $1,620,756,820,000 in December 2023 dollars. The federal deficit hit its first quarter peak in fiscal 2009, when it was $707,957,770,000 in December 2023 dollars.
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